Forth Banks PRS scheme

Unlocking the potential of PRS at Forth Banks, Newcastle-upon-Tyne

Our role

Working as part of a multi-disciplinary consultancy team, undertaking a critical role in securing planning consent through the provision of development consultancy and market assessment advice.

Leading the preparation of a detailed financial viability assessment to ensure the deliverability of the proposed scheme and the security of the emerging deal with the institutional fund.

Clearly demonstrating the financial case for a reduced package of Section 106 planning obligations and leading subsequent negotiations with the council’s property services department.

Results

280 residential apartments in three blocks, built specifically for the private rental market.

279 sq m of flexible retail space, providing an active frontage.

A deliverable scheme for the fund, whilst providing a competitive return to Panacea as both developer and landowner in accordance with the National Planning Policy Framework.

Subsequent preparation of Section 106 Heads of Terms, including agreement of an overage mechanism, enabling the council to recoup a share of any uplift in capital transaction, up to the maximum planning obligations, upon sale of the completed scheme to the fund.